Changpeng Zhao, the former CEO of Binance, considers the cryptocurrency market to be explosive, but it is only the beginning.
The crypto market has been volatile over the past few days. The unprecedented chain of events is nothing short of chaotic, as only two alternative cryptocurrencies are currently boosting; Bitcoin (BTC) is trading at the critical $104,500 level and is on the brink of an all-time high breakout, and every other asset has experienced a two-day decline by double-digit percentages.
It is intriguing to find out the opinions of the most powerful individuals regarding this matter. Changpeng Zhao, the former CEO of Binance, the world’s largest exchange, is one of the key figures in the cryptocurrency market. However, the dread of missing out is just commencing, and nothing concludes here.
It is noteworthy that Zhao also published a post four days ago that was specifically dedicated to this sensation that was on the brink of fear and greed.
Perhaps the most effective method of measuring FOMO as an indicator would be a Fear and Greed Index. This index spans from 0 to 100, with lesser values suggesting excessive dread and higher values suggesting extreme greed.
CoinMarketCap indicates that the market is presently in a state of greed, although it is not yet at an extreme level, with a score of 64 out of 100.
It is not uncommon for the market to drift toward excessive greed; in fact, it has occurred on numerous occasions in recent weeks and months. For instance, the most recent instance of this phenomenon occurred in early December, following which the market experienced a month-long correction, with Bitcoin consistently trading below six figures.
At present, it appears that the market is relatively stable, although some individuals may be experiencing FOMO as they observe the performance of certain “new flashy cryptocurrencies.”
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